HONG KONG, Feb 11 (Bernama) — AM Best has placed under review with negative implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Hanwha General Insurance Company Limited (HGI) (South Korea).
The under review status follows HGI’s public disclosure on Jan. 31, 2020, of a consolidated net loss of KRW 69 billion (USD 59 million) for its preliminary fiscal-year 2019 results.
HGI has maintained consistent profitability since 2014, although a deterioration in results was observed from 2018. As per its disclosure, the company is expected to record a net loss of KRW 69 billion (USD 59 million) on a consolidated basis for fiscal-year 2019. This marks a decrease of KRW 151 billion (USD 129 million) compared with fiscal-year 2018, during which HGI posted net profits of KRW 82 billion (USD 70 million).